May 12 (Bloomberg) -- Oil rose to a six-month high after China, the world’s second-biggest energy-consuming country, increased crude imports by 14 percent in April. Deliveries reached 16.17 million metric tons last month, or 3.9 million barrels a day, a statement on the Chinese customs department’s Web site showed today. Oil also climbed as the dollar fell to the lowest level against the euro since March, bolstering demand for commodities as an alternative investment.
“The Chinese numbers are pretty stunning,” said Bill O’Grady, chief markets strategist at Confluence Investment Management in St. Louis. “The Chinese are looking at prices now as a good value and they are worried about all of the dollar assets they have. They are buying everything, any raw material they can get their hands on.”
Crude oil for June delivery rose 35 cents, or 0.6 percent, to $58.85 a barrel at 2:44 p.m. on the New York Mercantile Exchange, the highest settlement since Nov. 11.
China will increase imports of commodities including oil and boost inventories of strategic raw materials to take advantage of weak prices, the nation’s economic planner said in March. The country is also buying commodities as it attempts to diversify investments away from Treasuries. China boosted purchases of U.S. debt by 46 percent to a record last year. more...
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